Regular board meeting of Tatneft Oil Company held in Kazan

On May 22, at Tatarstan Government House in Kazan a regular board meeting of Tatneft Oil Company chaired by Acting Tatarstan President was held.

The meeting considered the results of the company’s budget implementation for four months of 2015, approved the budget for June of the current year and discussed the results of the company's financial and economic activities for the first quarter of this year.

For the first three months of this year the company produced 6 million 495 thousand tons of crude oil from the fields of TATNEFT, which is 0.7 per cent higher than during the same period last year. As many as 74 thousand tonnes of oil were produced at Ashalchinskoye extra-viscous oil field. The average daily production rate of the total area amounted to 908 tons per day as of April 1, 2015, while the total volume produced since the beginning of the field development made 637 thousand tonnes of extra-viscous oil.

The net profit resulting from financial and business activities for the period under review amounted to 20.8 billion roubles.

The meeting discussed the prospects of working with non-conventional hydrocarbons within the framework of the scientific polygons "Domanik" and "Bitumen", as well as the crude oil production plans for 2016-2017. Currently, the company is developing 86 fields. The proved oil reserves by the assessment of the "Miller and Lents" auditing company amount to 851.527 million tonnes as of 2014. The Board approved the plan for the next two years with tentative growth of production volume at the expense of producing extra-viscous oil and the oil projects implementation outside the republic.

The meeting was informed about the results of auditing of the company's financial and economic activities in 2014 carried out by the company's audit committee and Energy Consulting/Audit audit company, the summary report on the results of the last year's operations, annual report, annual financial statements and holding the general annual meeting of shareholders of Tatneft oil company.